{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4055.10","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4055.10","heading":"Contracts within two years of issuance of insurance","body":"policy or certificate - Requests for verification of coverage or\n\ntransfer of policy.\n\nA. It is a violation of the Viatical Settlements Act of 2008\n\nfor any person to enter into a viatical settlement contract at any\n\ntime prior to the application or issuance of a policy which is the\n\nsubject of viatical settlement contract or within a two-year period\n\ncommencing with the date of issuance of the insurance policy or\n\ncertificate unless the viator certifies to the viatical settlement\n\nprovider that one or more of the following conditions have been met\n\nwithin the two-year period:\n\n1. The policy was issued upon the viator’s exercise of\n\nconversion rights arising out of a group or individual policy,\n\nprovided the total of the time covered under the conversion policy\n\nplus the time covered under the prior policy is at least twenty-four\n\n(24) months. The time covered under a group policy shall be\n\ncalculated without regard to any change in insurance carriers,\n\nprovided the coverage has been continuous and under the same group\n\nsponsorship; or\n\n2. The viator submits independent evidence to the viatical\n\nsettlement provider that one or more of the following conditions\n\nhave been met within the two-year period:\n\na. the viator or insured is terminally or chronically\n\nill,\n\nb. the viator’s spouse dies,\n\nc. the viator divorces his or her spouse,\n\nd. the viator retires from full-time employment,\n\ne. the viator becomes physically or mentally disabled and\n\na physician determines that the disability prevents\n\nthe viator from maintaining full-time employment,\n\nf. a final order, judgment or decree is entered by a\n\ncourt of competent jurisdiction, on the application of\n\na creditor of the viator, adjudicating the viator\n\nbankrupt or insolvent, or approving a petition seeking\n\nreorganization of the viator or appointing a receiver,\n\ntrustee or liquidator to all or a substantial part of\n\nthe viator’s assets, or\n\ng. the viator involuntarily experiences a significant\n\ndecrease in income that is unexpected and that also\n\nreasonably impairs the reasonable ability of the\n\nviator to pay the policy premiums.\n\nB. Copies of the independent evidence described in paragraph 2\n\nof subsection A of this section and documents required by subsection\n\nA of Section 9 of this act shall be submitted to the insurer when\n\nthe viatical settlement provider or other party entering into a\n\nviatical settlement contract with a viator submits a request to the\n\ninsurer for verification of coverage. The copies shall be\n\naccompanied by a letter of attestation from the viatical settlement\n\nprovider that the copies are true and correct copies of the\n\ndocuments received by the viatical settlement provider.\n\nC. If the viatical settlement provider submits to the insurer a\n\ncopy of the owner or insured’s certification described in and the\n\nindependent evidence required by paragraph 2 of subsection A of this\n\nsection when the provider submits a request to the insurer to effect\n\nthe transfer of the policy or certificate to the viatical settlement\n\nprovider, the copy shall be deemed to conclusively establish that\n\nthe viatical settlement contract satisfies the requirements of this\n\nsection and the insurer shall timely respond to the request.\n\nD. No insurer may, as a condition of responding to a request\n\nfor verification of coverage or effecting the transfer of a policy\n\npursuant to a viatical settlement contract, require that the viator,\n\ninsured, viatical settlement provider or viatical settlement broker\n\nsign any forms, disclosures, consent or waiver form that has not\n\nbeen expressly approved by the Insurance Commissioner for use in\n\nconnection with viatical settlement contracts in this state.\n\nE. Upon receipt of a properly completed request for change of\n\nownership or beneficiary of a policy, the insurer shall respond in\n\nwriting within thirty (30) calendar days with written\nal settlement broker\n\nsign any forms, disclosures, consent or waiver form that has not\n\nbeen expressly approved by the Insurance Commissioner for use in\n\nconnection with viatical settlement contracts in this state.\n\nE. Upon receipt of a properly completed request for change of\n\nownership or beneficiary of a policy, the insurer shall respond in\n\nwriting within thirty (30) calendar days with written\n\nacknowledgement confirming that the change has been effected or\n\nspecifying the reasons why the requested change cannot be processed.\n\nThe insurer shall not unreasonably delay effecting change of\n\nownership or beneficiary and shall not otherwise seek to interfere\n\nwith any viatical settlement contract lawfully entered into in this\n\nstate.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"380be0ec43406b1fc52fcf012bb760c458fc34f58eb236de005c8b15a4537f33","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4055.1","next":"us-ok/okla.-stat.-tit.-36-36-4055.11"},"notice":"GroundRules: Original legal text. Not legal advice."}